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3847 Cedar Ave S

Duplex · 2 units: 2 bed / 1 bath ×2 unit split estimated · 2,646 sq ft

Minneapolis, MN · Standish · View the listing ↗

Overpriced
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Photos courtesy of Keller Williams Classic Realty, via Realtor.com.

Asking price
$439,900
2 units · $220K per unit
Monthly cash flow
−$895
at 20% down, 7%
Estimated rent
$2,950/mo
medium confidence · 16 rentals within 1.5 mi
Break-even price
$271,736
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a Minneapolis duplex with two 2-bed/1-bath units, asking $439,900, and it doesn't work at today's rates. Our numbers show about -$895/month with 20% down and a 3.9% cap rate, and break-even is near $272K. The listing gives no rents, no tenant status and no lease info, so the income side is a blank. The new boilers and water heaters are real positives, but the seller's $50K of work doesn't close a $168K gap. Before a showing, get the rent roll, the rental license status and the finished lower level's legal status. Otherwise only consider it at a price far below ask.

Things to consider

  1. Price is far above what the rents support At ask the deal loses about $895/month, and break-even is near $272K. A big price cut is needed to work.
  2. No rents or tenant info in the listing Without a rent roll, income is just our estimate of about $1,475 per 2-bed. Verify actual rents and lease terms before anything else.Listing says: “ideal for both owner-occupants and investors seeking strong rental potential”
  3. Recent mechanical updates reduce risk New boilers and water heaters lower near-term capital costs, but get permits and receipts to confirm them.Listing says: “two brand-new boilers, two new water heaters, new washer and dryer”
  4. Rental license is missing in city data An unlicensed building can mean inspection issues and delayed rentability in Minneapolis. Check before offering.
  5. Finished lower level may not count as rentable space If it isn't legal, it adds no rent and may add liability. Rough finishes suggest limited value beyond storage.From photo 10
  6. Seller has leverage problems and room to deal 183 days on market and a 2007 purchase at $200K mean the seller can accept a much lower offer.

From the photos

Listing photo 1
1 of 8Check

Exterior is stucco with a stone foundation and covered front entry; it appears in fair shape, but the roof age is not visible

Listing photo 3
2 of 8Plus

Kitchen has new white cabinets, butcher-block counters, a stainless fridge and an older electric range; it looks like a cosmetic refresh

Listing photo 4
3 of 8Plus

Units are heated by cast-iron radiators and baseboard hot water, consistent with the new boilers described

Listing photo 5
4 of 8Plus

Hardwood floors and original wood trim in the living room look good, while the bedrooms have new laminate flooring

Listing photo 7
5 of 8Check

Bathroom has a tub with a sliding glass door and a basic vanity; it is clean but dated and mid-grade

Listing photo 8
6 of 8Check

Bedroom is cooled by a window A/C unit, so there appears to be no central air

Listing photo 10
7 of 8Concern

Lower-level rooms have bare painted concrete floors, a textured ceiling, exposed ducts, scuffed walls and floor stains; they look like basement storage-style rooms, not clearly legal bedrooms

Listing photo 9
8 of 8Check

No photos of the boilers, electrical panels, water heaters, laundry or the lower-level bath were shown

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Condition and repairs

  • doneTwo brand-new boilersListing says: two brand-new boilers, two new water heaters, new washer and dryer
  • doneTwo new water heatersListing says: two brand-new boilers, two new water heaters, new washer and dryer
  • doneFresh interior paint throughoutListing says: fresh interior paint throughout
  • doneOver $50,000 in recent capital improvements (no itemized receipts)Listing says: The current owner has invested over $50,000 in recent capital improvements

AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.

The numbers

Down payment %
Offer $
Management
Interest rate %
Edit rents, costs and assumptions

Default: 20% down (no PMI), offer at asking, self-managed, 7.00% for 30 years, buyer pays closing costs (3%).

The deal

Price
$439,900
Cash to close
$101,177
Price per unit
$219,950
GRM
12.4

Each month

Cash flow
−$895/mo
Cash-on-cash
−10.6%
Cap rate
3.9%
DSCR
0.62×

Break-even

Price that breaks even
$271,736
Rent that breaks even
$4,097/mo

Long run

Year 30: property vs stocks
$1.07M vs $1.32M
Cash flow turns positive
year 20

Monthly

Monthly breakdown

Rent$2,950
Vacancy (6%)−$177
Collected$2,773
Property tax Listing−$420
Insurance Estimate−$205
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$236
Capital reserve (8% of rent)−$236
Net operating income$1,446
Mortgage (principal + interest)−$2,341
Cash flow−$895
Principal paid down (equity, not cash)$298

Cash flow each year

Rents +3%/yr, costs +3.5%/yr. Red bars are months you'd cover out of pocket.

30 years

How those totals add up

If you buy this building$1,069,190
Your equity when you sell
$1,003,688

Sells for $1,067,753 (value up 3% a year), minus 6% selling cost ($64,065). Rent paid down $351,920 of loan.

Rental profits, invested at 7%
$65,502

$51,934 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$1,318,662
Cash to close, invested at 7%
$770,185

$101,177 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$548,477

$110,629 you'd have paid in while the building lost money, invested instead.

Stocks come out $249,472 ahead after 30 years.

Future dollars. At 3% inflation, divide year-30 figures by about 2.4 for today's buying power. Rental profits are assumed invested, not spent.

30 years: this property vs. the same money in stocks

This propertyStocks at 7%

Year 30 (loan paid off): property $1.07M, stocks $1.32M. Stocks win.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-06. The estimate is the median asking rent of every rental we found nearby (the count is shown for each); houses are left out. Asking rents from Realtor.com rental listings, not signed leases.

2 bed estimate $1,475/mo · range $1,375–$1,775 · 16 rentals within 1.5 mi

AddressRentBd / BaSq ftDistanceListedType
3725 Cedar Ave S, Minneapolis $1,349 2 / 1 767 0.2 mi 2026-06-30 Apartment
3715 Columbus Ave S Apt 2, Minneapolis $1,395 2 / 1 920 0.8 mi — Apartment
3715 Columbus Ave S Apt 4, Minneapolis $1,495 2 / 1 920 0.8 mi — Apartment
4112 Chicago Ave S, Minneapolis $1,499 2 / 1 1,000 0.8 mi 2025-01-31 Apartment
3549 Columbus Ave S, Minneapolis $1,250 2 / 1 800 0.9 mi — Apartment
3140 16th Ave S, Minneapolis $1,300 2 / 1 800 0.9 mi 2026-10-03 Apartment
3718 Oakland Ave S, Minneapolis $1,150 2 / 1 700 1.0 mi 2026-01-03 Apartment
4642 Bloomington Ave S, Minneapolis $1,695 2 / 1 — 1.0 mi 2026-08-04 Apartment
3710 Minnehaha Ave, Minneapolis $1,299 2 / 1 844 1.1 mi 2025-02-28 Apartment
3900 Minnehaha Ave S, Minneapolis $1,900 2 / 1 — 1.2 mi 2026-09-29 Apartment

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: Realtor.com rental listings. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

  • highDescription pitches owner-occupants and investors with no rents or occupancy given, so income is unverified Listing says: ideal for both owner-occupants and investors seeking strong rental potential · AI review
  • mediumNo rental license on file in the city's data. Ask whether the building is licensed as a rental and when it was last inspected. Public record: Minneapolis Active Rental Licenses: no record for 3847 CEDAR AVE S
  • mediumAsking is $168,164 above the price where cash flow breaks even ($271,736) at the default scenario. Based on: Derived: price $439,900 vs. break-even $271,736
  • mediumFinished lower level with 'flex rooms' may not be legal bedrooms or living space; the rooms look like windowless-style basement rooms with bare painted concrete Listing says: a finished lower level with additional flex rooms and a 3/4 bath · AI review
  • lowBasement rooms show worn, stained floors and scuffed walls, and a window A/C unit, suggesting rough use Based on: photo 10 · AI review

Opportunities

  • The seller bought for $200,000 in Jul 2007, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 1202824220105: last sale 2007-07-01, $200,000
  • Long time on market: room to negotiate. Based on: Listing data: 186 days on market
  • Major systems already replaced (boilers, water heaters), lowering near-term capital spending Listing says: two brand-new boilers, two new water heaters, new washer and dryer · AI review
  • Seller has 183 days on market and a $200K 2007 basis, so there is room to negotiate hard Based on: data: listing.days_on_market · AI review
  • No rent cap in Minneapolis, so rents can follow the market Based on: data: underwriting.rent_rule · AI review

Questions for the agent

  • What are the current rents, lease end dates and security deposits for each unit?
  • Is the building licensed as a rental in Minneapolis, and when was it last inspected?
  • Can you provide receipts and permits for the boilers and water heaters in the $50K of work?
  • Is the finished lower level legal living space with egress, and who uses it?
  • Are the units separately metered for gas and electric, and who pays heat from the two boilers?
  • Why has it sat 183 days, and have there been price cuts or offers?

Bottom line

Updated systems are nice, but at $439,900 the rents can't carry it; this only works at a price far closer to $272K. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2025. The tax the listing states. If the seller lives there it may be at the lower homestead rate; an investor owner pays the non-homestead rate, often 20–40% more on the owner's unit.$5,035
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,462
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid$170
Heat / mo Assumptionassumption. tenants pay heat; confirm with the agent$0
Lawn care / mo Assumptionassumption. $120/mo for 6 months, spread over 12; no snow removal$60
Repairs / capital reserve Rulerule. base rate8% / 8%

Price history Realtor.com

On the market since 2026-04-02 (186 days); last sold for $200,000 on 2007-08-03.

DateEventPrice
Price changed$439,900
Removed$439,900
Listed$425,000
Sold public record$200,000
Sold public record$325,000
Sold public record$293,000

County record Public record

Recorded asduplex
Living units2
Year built1927
Market value (2026)$373,500
Property tax$5,580
Special assessmentsnone
Homesteadno
Last sale2007-07-01 · $200,000

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

MN 55, about 1365 m away.

Crime in Standish

276 incidents in the last 12 months (40 per 1,000 residents), −1% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).